Setting your Financial Goals for 2023
Establishing a financial goal for the new year can benefit your financial success. Studies have shown that those who set specific, tangible goals are more likely to achieve them than those who approach their lives with a “Well, let’s see where this goes” attitude. The time and effort invested in setting a financial goal for yourself is rewarding.
Ask yourself “Where do I want to be?”
By taking an hour or two planning your financial vision, you’ll establish how much you want to save and why you want to save that amount. Do you want to start your own business on the side? Become completely debt free? Pay off the mortgage early? Take an early retirement? Remodel your home? Build an investment portfolio? Become a major supporter of your favorite charity? Go back to school and finish that degree? Have enough money, so work becomes a hobby and not a necessity?
Do not limit yourself to what you think you can do–give yourself the freedom to dream and come up with your ideal financial scenario. A valuable tip to keep in mind is: Write it as if it’s already in existence.
When you’ve set aside your ideas for a day or two, you can come back to them with a fresh perspective. It may not be completely realistic, but chances are, you can select one solid goal that will bring you closer to your ideal financial scenario.
Your financial goals can be achieved by small steps such as, putting 10 percent of your paycheck toward debt payments and another two percent to savings. By being diligent and sticking to a routine, once your debt has been repaid you can start contributing that amount to your savings and watch it grow. By setting your goal for the coming year and working towards it step by step, it will direct you down a path of success and financial freedom.
Setting financial goals can be stressful and scary. With some determination and hard work, you will start to see your financial goals are closer than you expected!